The Bancorian Brief |April 4th, 2022

This post was originally published here

We are planning to release the Bancor 3 code to the public within the next two weeks. The full code will be available on our Github and in conjunction with the code release, we are also going to be launching a $1m dollar bug bounty program. We are currently working with other projects to make sure that they can integrate and build on Bancor 3.

The Bancor 3 beta will go live in the week of 4/11 with four pools $BNT, $DAI, $LINK, and $ETH. Anyone will be allowed to participate in the Bancor 3 beta and we will be making the instructions available once it is launched on Ethereum Mainnet. There will not be a frontend available for the Bancor 3 beta and interactions will have to be done manually through Etherscan. The Bancor 3 beta will not be a user-friendly launch and it is a means for us to stress test the Bancor 3 contracts before the full release goes live.

We are planning to release the full version of Bancor 3 on the week of 5/9 after the Beta period has concluded. The migration code will be made available at that moment in time to migrate LP positions from v2.1. In general, a rough timeline is below:

  • Week of April 4 or April 11: release public Bancor 3 code and announce a $1m bug bounty
  • Week of April 11: Bancor 3 beta start
  • Week of May 9: Full Bancor 3 release

🌀Bancor Vortex🔥

These past two weeks, we saw roughly ~69K $vBNT burned by the vortex. At current $BNT prices (~$2.75) this equates to ~$189.7K (~$94.8K weekly) worth of $BNT locked forever🔒

+----------------+--------------+
| time | burnedamount |
+----------------+--------------+
| 3/21/2022 0:00 | 5537.662122 |
| 3/22/2022 0:00 | 6759.808107 |
| 3/23/2022 0:00 | 4140.736580 |
| 3/24/2022 0:00 | 7362.124594 |
| 3/25/2022 0:00 | 5835.485903 |
| 3/26/2022 0:00 | 2895.566606 |
| 3/27/2022 0:00 | 4244.359645 |
| 3/28/2022 0:00 | 3125.246084 |
| 3/29/2022 0:00 | 6028.566255 |
| 3/30/2022 0:00 | 3468.473912 |
| 3/31/2022 0:00 | 5702.795795 |
| 4/1/2022 0:00 | 6258.238888 |
| 4/2/2022 0:00 | 3437.564597 |
| 4/3/2022 0:00 | 4208.487078 |
| Sum | 69005.11617 |
+----------------+--------------+

The cumulative $vBNT burned amount increased from ~2.58m on 3/20 to ~2.65m on 4/3.

📊Key Metrics

7-day total cumulative fee revenue: ~$372K

biswap

30-day total cumulative fee revenue: ~$1.40m

Source: token terminal

📈 The average daily revenue for different time periods:

  1. 7 days ~$53.1K
  2. 30 days ~$46.7K

The 30-day annualized daily revenue equates to ~$17m in annual trading fees paid to LPs. For the past 30 days, trading fee revenue is down (~$100K) as compared to the previous 30 days.

💰 In terms of protocol revenue, Bancor earned around ~$700K in monthly revenue for $BNT holders.

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